G-20 action plan to boost economic growth and create jobs in sync with PM Narendra Modi's agenda

NEW DELHI: The G-20 Summit on November 15-16 at Brisbane is expected to draw up an ambitious action plan to boost global economic growth and creation of millions of jobs, which is interestingly in sync with PM Narendra Modi’s plan to create domestic jobs and improve country’s fiscal health over the next five years.

The Brisbane Action Plan, to be discussed by leaders of 20 key nations including India at the ninth Summit, will put in place short and medium-term actions to raise the level of G-20 output by at least 2 per cent above the currently projected level in the next five years. This has the promise of creation of additional jobs worldwide, official sources said, but cautioned that to deliver on this ambition, this collective commitment needs to be translated into specific actions by each country.

This will be Modi’s maiden foray at the G-20 Summit where he will share stage with Presidents Barack Obama, Vladimir Putin and Xi Jinping besides heads of state and governments from virtually all continents. The PM had given a glimpse of his vision on global economy at the July BRICS Summit at Brazil where he called for reforms of international financial bodies that are largely dominated by the West.

Modi is expected to reiterate this position at the G-20 meet besides outlining his vision for global economic recovery and showcasing India as an attractive investment destination imperative for its growth, sources indicated. Interestingly this G-20 Summit is taking place in the backdrop of the decision to create BRICS Bank and Asian Infrastructure Investment Bank seen as a challenge to the World Bank, IMF and Asian Development Bank – all backed by the West. India is a member of both these banks.